Manitou Decreases 6 Percent in Fourth Quarter, Jumps 11 Percent for Full Year
Manitou Group posted fourth quarter revenues of €494 million, a 6-percent decrease compared to the fourth quarter of 2018. For the full year, Manitou totaled €2,094 million, an 11-percent year-over-year increase. The end of fourth quarter order intake on equipment was €483 million, compared to €629 million in the fourth quarter of 2018. However, it nearly doubled the end of the third quarter order intake of €244 million.
“The group ended the year 2019 with a revenue that exceeded the €2 billion for the first time in its history, while strengthening its global presence and market share,” said Michel Denis, president and CEO of Manitou Group. “The doubling of order intake in the fourth quarter compared to the previous quarter gives the order book a depth of around four months of activity. We are thus finding our optimal balance between our customers’ delivery time expectations and our suppliers’ need for visibility in order to supply ourselves in a fluid manner after the cyclical peak in delivery times that we reached at the end of 2018.
“In the fourth quarter, customer demand remained strong across all sectors. We note, however, that in the construction sector, rentals continue to speak positively on market dynamics, while maintaining a wait-and-see attitude with regard to their investment decisions. The gradual slowdown in the world economy, combined with uncertainties such as the effects of Brexit or the U.S. elections, lead us to anticipate a decline in sales of around 10 percent in 2020 compared to 2019.”
Sales in Southern Europe dropped 6 percent in the fourth quarter but increased by 17 percent for the full year. Sales in Northern Europe declined 10 percent in the fourth quarter but increased 8 percent for the full year. In the Americas, sales dropped 1 percent in the fourth quarter, but increased 15 percent for the full year.
Manitou’s Material Handling and Access division generated quarterly sales of €333 million, an 8-percent year-over-year drop, but increased 13 percent for the full year, a record level of activity. The company said there was a gradual adjustment of production capacity in view of the combination of slower order intake and shorter delivery times.
The Compact Equipment Products Division posted fourth quarter sales of €81 million, an 8-percent slide compared to Q418, but a 5-percent year-over-year full-year hike. The Services & Solutions Division jumped 12 percent in the fourth quarter and 12 percent for the full year.
Manitou also named Elisabeth Ausimour president of the Material Handling and Access division, and a member of the Group Executive Committee.
Manitou is based in Ancenis, France, with U.S. headquarters in West Bend, Wis.
About the Author
Michael Roth
Editor
Michael Roth has covered the equipment rental industry full time for RER since 1989 and has served as the magazine’s editor in chief since 1994. He has nearly 30 years experience as a professional journalist. Roth has visited hundreds of rental centers and industry manufacturers, written hundreds of feature stories for RER and thousands of news stories for the magazine and its electronic newsletter RER Reports. Roth has interviewed leading executives for most of the industry’s largest rental companies and manufacturers as well as hundreds of smaller independent companies. He has visited with and reported on rental companies and manufacturers in Europe, Central America and Asia as well as Mexico, Canada and the United States. Roth was co-founder of RER Reports, the industry’s first weekly newsletter, which began as a fax newsletter in 1996, and later became an online newsletter. Roth has spoken at conventions sponsored by the American Rental Association, Associated Equipment Distributors, California Rental Association and other industry events and has spoken before industry groups in several countries. He lives and works in Los Angeles when he’s not traveling to cover industry events.